RAM Ratings assigns final AAA rating to first ASEAN Green MTNs office securitisation to be issued by Eternal Icon

Published on 25 Jul 2023.

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RAM Ratings has assigned a final rating of AAA/Stable to the RM87.0 mil ASEAN Green Senior Class Medium Term Notes (MTNs) to be issued under Eternal Icon Sdn Bhd’s RM400 mil MTN Programme. This will be the first ASEAN Green MTNs in Malaysia to be backed by an office property, a testament to the greater acceptance and adoption of the environmental, social and governance agenda. Proceeds raised from the ASEAN Green MTNs issuance will be used to early redeem all outstanding Senior Class MTNs under the MTN Programme on 28 July 2023. 

In assigning the final rating, we have considered the final coupon rates, transaction structure as well as relevant transaction terms and documents. We find these to be largely in line with our expectations when we assigned the preliminary rating, published on 21 February 2023 (click here). Please refer to our final rating rationale for details on the assigned rating. 

Eternal Icon is a special-purpose vehicle set up to undertake the securitisation of Plaza33 (the Property), an integrated office tower located in Petaling Jaya. The Property is a multi-tenanted office building comprising two 14-floor towers, two levels of retail space and seven car park levels. 


Analytical contacts
Liew Kar Ling
(603) 3385 2586

Lim Chern Yit
(603) 3385 2528


The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

Published by RAM Rating Services Berhad
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Rating Rationale

Ratings on Eternal Icon Sdn Bhd